Cash flows and the Group’s credit line needs are managed in order to guarantee

  • an effective and efficient management of the financial resources
  • the optimisation of debt’s maturity standpoint

Liquidity risk and capitals management

The liquidity risk arises from the possibility that available financial resources are not sufficient to cover, in due times and procedures, future payments arising from financial and/or commercial obligations. To deal with these risks, cash flows and the Group’s credit line needs are monitored or managed centrally under the control of the Group’s Treasury in order to guarantee an effective and efficient management of the financial resources as well as optimise the debt’s maturity standpoint.

In addition, the Parent Company finances the temporary cash requirements of Group companies by providing direct short-term loans regulated in market conditions or guarantees.

As of 31 December 2020, the Group had a liquidity of €/000 230,093, €/000 261,072 of undrawn credit lines irrevocable to maturity and €/000 200,419 of revocable credit lines, as detailed below:

In thousands of Euros At 31 December 2020At 31 December   2019
Variable rate with maturity within one year - irrevocable until maturity 
Variable rate with maturity beyond one year - irrevocable until maturity261,072215,813
Variable rate with maturity within one year - cash revocable194,419128,263
Variable rate with maturity within one year - with revocation for self-liquidating typologies6,00019,000
Total undrawn credit lines461,491363,076
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